Bharti Airtel to allot 7.11 cr shares to Google at Rs 734 each

The telecom major's board approved preferential issue of 7,11,76,839 equity shares having face value of Rs 5 each at an issue price of Rs 734 per equity share to Google International LLC.

The issue price is at a premium of 14.33% to the current market price.

Post allotment, Google will hold 1.20% of the total post-issue equity shares of the company.

Paid-up equity share capital of the company stands increased to Rs 2,830.65 crore divided into 556.32 crore fully paid-up equity shares of Rs 5 each and 39.23 crore partly paid-up equity shares of Rs 5 each (paid-up value Rs 1.25 each).

In January 2022, Bharti Airtel announced that Google will invest $1 billion in the company as part of its India Digitization Fund. Google will invest $700 million for a 1.28% stake in Bharti Airtel at Rs 734 per share. Another $300 million will go towards implementing commercial agreements, which will include investments in scaling Airtel's offerings that covers a range of devices to consumers via innovative affordability programs as well as other offerings aimed at accelerating access and digital inclusion across India's digital ecosystem.

Bharti Airtel is a global communications solutions provider with over 491 million customers in 17 countries across South Asia and Africa.

The company's consolidated net profit surged 164.5% to Rs 2,007.80 crore on 22.3% increase in net sales to Rs 31,500.30 crore in Q4 FY22 over Q4 FY21.

Shares of Bharti Airtel closed 0.23% lower at Rs 642 on the BSE.

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